CertifID, a leading wire fraud protection company, today announced its State of Wire Fraud report which details CertifID’s view into $1.4B worth of suspected wire fraud transactions – an 145% YoY increase in instances of reported wire fraud. The report, which is based on proprietary data from CertifID’s wire fraud protection and recovery tools and services engagements, examines over $100B wire transactions.
According to the report, wire transactions are increasingly at risk with suspected fraud targeting 83% of CertifID’s customers at least once in 2022. The heightened risk corresponds with an overall shift towards digital payments, accelerated by the COVID-19 pandemic.
CertifID, which safeguards wire transactions by verifying identity, bank account and biometric information alongside 150 different markers of fraud, developed the State of Wire Fraud to report on the trends and trajectory of wire fraud. Report highlights include:
$1.4B worth of wire transactions were detected for suspected fraud by CertifID in 2022
83% of CertifID customers had at least one case of suspected fraud in 2022
An 145% YoY increase in reported wire fraud instances were reported to CertifID for recovery in 2022
CertifID’s recovery cases average $165K per instance of reported wire fraud in 2022
CertifID’s recovery of business-related wire fraud losses were 3x the value of consumer-related wire fraud losses
“Given their instantaneous speed, high dollar value and recovery challenges, wire transactions are extremely attractive targets for fraud operators. In our experience with the real estate industry, protections against wire fraud have had to evolve,” says Tyler Adams, co-founder and CEO of CertifID. “To combat wire fraud, businesses and consumers that rely on wire for sending and receiving payments need to employ a multi-layered protection and response plan to minimize their risk.”
“We have seen enough to know that wire fraud and mispayment is an unavoidable reality which is why serious steps must be taken to avoid payments risk,” said Thomas Cronkright, co-founder and Executive Chairman of CertifID and owner of Sun Title agency. “The data in real estate, for example, bears this out with the American Land and Title Association (ALTA) moving to update its best practices to recommend the use of technology-based payments risk solutions.”
Founded to combat the rapid growth in wire fraud in the real estate industry, CertifID provides wire fraud detection and recovery services to businesses and consumers. CertifID’s wire fraud detection software features enhanced identity, biometics, device and account verification and authentication to safeguard transactions. CertifID’s wire fraud recovery service offers victims recovery experts and 24/7 support to help recover funds, engage with law enforcement and freeze at-risk accounts.
To download CertifID’s State of Wire report, click here.
CertifID is a leader in wire fraud protection. The company safeguards billions of dollars every month from fraud with advanced software, insurance, and proven recovery services. Trusted by title companies, law firms, lenders, realtors, home buyers and sellers, and others, CertifID provides further peace of mind with up to $1M in direct coverage on every wire it protects. Learn more at: www.certifid.com.